Oil sinks as manufacturing reports renew global economy worries
Oil prices fell on Tuesday, with U.S. crude futures down 3% after manufacturing data raised concerns about a weakening global economy, while the U.S.-China trade dispute continued to drag on investor sentiment, Trend reports citing Reuters.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.68, or 3.1%, to $53.42 a barrel by 12:45 p.m. EDT (1645 GMT). The session low was $52.84 a barrel, the lowest since Aug. 9.
Brent crude LCOc1 futures lost 92 cents, or 1.6%, to $57.74 a barrel. It sank as low as $57.23 a barrel, also the weakest since Aug. 9.
Prices extended losses following data that showed U.S. manufacturing activity in August contracted for the first time in three years, with new orders and hiring declining as trade tensions weighed on business confidence.